[Xiao Feng: Ethereum remains the core of applications, difficult to replace due to its first-mover advantage and continuous optimization] At the ETHShanghai 2025 main forum, Xiao Feng, Vice Chairman and Executive Director of Wanxiang Holdings, Chairman of Wanxiang Blockchain, and Chairman and CEO of HashKey Group, stated that blockchain can be broadly divided into two categories. One category, represented by Bitcoin, primarily serves as a currency issuance system, achieving high-speed computation through simple mathematical formulas and prohibiting complex external deployments, thereby quickly reaching consensus globally. As a result, it is regarded as 'digital gold.' The other category, represented by Ethereum, is application-centered and has gradually developed along the original intent of its white paper, currently occupying 60%-70% of the application market share. Xiao Feng pointed out that there is no need to attempt to replace Ethereum, as it has a first-mover advantage and continues to improve. Other blockchain projects need to prove their strategic positioning differs from Ethereum and offer differentiated value, as the likelihood of challenging Ethereum is very low. Xiao Feng also emphasized that the development of DeFi cannot be ignored, but it must balance KYC and anti-money laundering requirements, as its philosophy differs from traditional finance. Through zero-knowledge identity authentication (ZK ID), users can confirm their status as qualified investors using certificates, credentials, work experience, and other information, enabling secure global transactions. This allows decentralized finance to better serve the global financial system.